SLC and Bom Futuro say they exercised their right of first refusal in acquiring the same land as Radar in Mato Grosso.

SÃO PAULO, June 26 (Reuters) – SLC Agrícola and Bom Futuro Agrícola, two of Brazil's largest grain and oilseed producers, said on Friday that they had exercised their right of first refusal to acquire the same lands in the Mato Grosso Block from the Radar Group for R$1.85 billion.

SLC Agrícola stated that it already operates part of the land involved in the negotiation, while Bom Futuro Agrícola declared that it exercised its right of first refusal as it is a lessee.

Contacted for comment, Cosan, one of the owners of Radar, did not immediately respond. SLC and Bom Futuro Agrícola also did not immediately comment on the matter.

Early Friday morning, SLC announced that it had irrevocably and unalterably exercised its right of first refusal to acquire all the rural properties that make up the portfolio known as "Bloco Mato Grosso" from the Radar Group.

SLC stated that the total transaction value reached R$1.85 billion, with a down payment of R$700 million to be deposited into an escrow account within five business days, while the remaining balance of R$1.15 billion will be paid on the date of execution.

The block comprises a set of properties located in Mato Grosso, with approximately 41,214 hectares of registered land, corresponding to about 28,800 hectares of arable land, which historically offer 100% opportunities for second-crop planting, stated SLC. Regarding the 28,800 hectares of arable land, SLC said it already operates 17,600 hectares.

"The acquisition will be carried out in a 'turnkey' manner, indivisible and on equal terms with the offer received by the owners of the assets," the company added in a material fact notice to the Securities and Exchange Commission (CVM).

Later, Bom Futuro Agrícola informed the market that, "as lessee, it exercised its legitimate right of first refusal with the Radar Group to acquire the properties that make up the so-called "Mato Grosso Block", in their entirety and under the terms of the offer, in the amount of R$1.85 billion."

"This investment is synergistic with the company's other properties and aligns with its growth strategy in Mato Grosso, where it has been operating for over 44 years," said Bom Futuro Agrícola.

(By Paula Arend Laier and Roberto Samora. Edited by Letícia Fucuchima and Pedro Fonseca)